ARLINGTON, VA— Interstate Hotels & Resorts reported results for the fourth quarter ended Dec. 31, 2004 with total revenue of $1 million, which compares favorably to last years fourth quarter loss of $8 million. The total revenue includes incentive management fees of $10.2 million compared to $6.4 million in the same quarter of 2003. Same-store revenue per available room (RevPAR) for all managed hotels, excluding those hotels affected by the four hurricanes struck Florida in the third quarter, improved 6.7% in the 2004 fourth quarter to $65.68, compared to the 2003 fourth quarter. Average daily rate (ADR) rose 6.6% to $102.34, with occupancy up 0.1% to 64.2% in the 2004 fourth quarter. Same-store RevPAR for all full-service managed hotels, excluding those hotels affected by the four hurricanes, advanced a strong 6.8 percent in the 2004 fourth quarter to $70.03. ADR rose 7.3% to $108.55, which was slightly offset by a (0.5)% decline in occupancy to 64.5%. Subsequent to year end, Interstate announced the acquisition of the 329-room Hilton Concord in the East Bay area of San Francisco, Calif. for $29.15 million. The acquisition was financed with a $19.0 million mortgage loan, cash on hand and borrowings under the companys senior secured credit facility.
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